Government Approved the Budget Declaration for 2022-2024

On May 31, the Government approved the Budget Declaration for the first time at its extraordinary meeting.

The Budget Declaration for 2022-2024 is the Government's vision of the budget policy for the medium term. The document defines the main budget indicators, the goals of the state policy in the relevant area with the performing indicators of their achievement. It is the basis for the draft State Budget for 2022.

The document contains general indicators of state budget revenues and financing, general limit indicators of state budget expenditures, amount of minimum wage, living wage, and other state policy objectives.

The development of the Budget Declaration took into account the goals and priorities defined by the Program of the President of Ukraine, the Program of the Cabinet of Ministers of Ukraine, forecast and program documents of economic and social development, in particular, the National Economic Strategy until 2030.

In the medium term, the Government's efforts will be aimed at supporting macroeconomic stability, stimulating the economy to overcome the negative effects caused by restrictive measures in connection with COVID-19.

The Budgetary Declaration provides fiscal space, which will be allocated within the state budget to priority areas.

Among the fiscal policy priorities identified in the Budget Declaration are:

• Strengthening the defense and security of the state;
• Development of the agro-industrial complex;
• Formation of a clean and safe environment;
• Development of administrative services and their digitalization;
• Strengthening of energy independence;
• Creation of an effective and perfect system of social support and pension provision of the population;
• Provision of quality, modern, accessible and inclusive education;
• Ensuring the quality level of medicine;
• Increasing the level of transparency in public finance management.

The Budget Declaration contains proposals on amendments to the Tax Code of Ukraine, which will be a resource base for increasing state budget revenues in the medium term.

The Budget Declaration with the financial and economic justification will be submitted within the period specified in Article 33 of the Budget Code of Ukraine for consideration by the Parliament of Ukraine.